GBPUSD Drifts Along Trend Line, but Bottom Likely in Place

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The pound sterling is gradually falling back albeit consolidating right near the falling trend line.

The declines were triggered after GBPUSD failed near the resistance level of 1.2277.

Prices are now inside the new range with the lower end at 1.2100.

Unless we see a strong breakdown below 1.2100 level, the pound sterling could be trading flat.

However, if there is a higher low forming within this range, we expect a possible move back to the 1.2277 level.

This might eventually see the GBPUSD breaking past the 1.2277 and possibly higher.

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